Brookhaven Town Announces Down Payment Assistance Program for First-Time Homebuyers

The Town of Brookhaven is poised to empower first-time eligible homebuyers again with a generous down payment assistance program offering up to $39,000. Administered by the Long Island Housing Partnership, this initiative aims to make homeownership more attainable and affordable for residents.

Effective October 2, 2023, prospective homebuyers can begin their journey toward homeownership by visiting the Long Island Housing Partnership website to access the program's application.

The Brookhaven Housing and Community Development Commissioner, Alison Karppi, highlighted the program's five-year history of supporting residents in their quest for homeownership. She noted that over 60 families have received invaluable assistance through the program during this period. However, the program's pace has fluctuated due to external factors such as the COVID-19 pandemic, prevailing interest rates, and housing costs.

Under this program, eligible homebuyers can purchase homes priced up to $532,000 within the Town of Brookhaven, offering a wide range of housing options within the community. Individuals must follow specific steps to participate, ensuring a structured approach to homeownership.

Applicants undergo a qualification process that includes mortgage counseling. Once they successfully obtain their purchaser certificate, they are ready to enter into a contract and embark on the journey to purchase their dream home.

The program requires a housing quality inspection, similar to the home inspections commonly conducted during property purchases. This additional layer of scrutiny ensures that the purchased homes meet all health and safety standards, guaranteeing a secure and habitable living environment for new homeowners.

The down payment assistance provided by the program, which can reach a maximum of $39,000, significantly eases the financial burden on aspiring homebuyers. The program seeks to pave the way for more residents to achieve their homeownership goals by alleviating some initial costs associated with homeownership.

The Long Island Housing Partnership's website will be the gateway for applicants, with the application period running from October 2 to December 29, 2023. Commissioner Karppi underscored the town's commitment to allowing its residents to realize the American dream of homeownership.

As the housing market grapples with fluctuating interest rates and home prices, many prospective buyers wonder about future trends. Commissioner Karppi expressed optimism, believing interest rates would likely decrease, ultimately expanding the program's capacity to assist even more individuals.

The Town of Brookhaven's down payment assistance program represents a vital resource for first-time homebuyers, offering financial support and structured guidance throughout the homeownership process. To apply or learn more, visit the Long Island Housing Partnership's website at https://www.lihp.org.